Islamic Finance And Banking System

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The Islamic financial system therefore cannot be introduced by merely eliminating riba but only by adopting the Islamic principles of social justice and. Explanation on of Islamic Finance and Banking System In view of these definitions, Islamic banks are having different philosophies and objectives to conventional banks. This is mainly. lawful business, and fulfillment of moral and social obligations. Meanwhile, Islamic banks have both profits and moral obligations as their objectives.

Nobel Prize winner, Mohammad Yunus, said the following “that a lack of microcredit laws in many African countries is denying millions of the continent’s poor access to loans.” Prof Yunus, who won the Nobel Peace Prize in 2006 for championing microcredit in his native Bangladesh, is now pioneering an idea he calls “social business” as a way to fight poverty around the world – i.e. business not for profit but to solve social problems. “People are ready in Africa. There is no problem with the people, it’s a .